Qatar's UDC sells 47plots for $398m

Doha, April 22, 2014

Qatar's United Development Company (UDC), a real estate company developing The Pearl residential complex on an artificial island in Doha, said it had agreed to sell 47 plots of land in the area for 1.45 billion riyals ($398 million).

The land, totalling about 103,000 sq m, will be sold to an unnamed "strategic partner" and transferred later this year, United Development said in a brief statement on Tuesday without elaborating.